Accounts - Principles of Accounts Past Questions and Answers

Use the information below to answer questions
Turnover...........................N120 000
Net profit before tax..............N40 000
Net profit b/f.....................N68 000
Proposed dividends:
Ordinary shares....................N8 000
Preference shares..................N6 000
Corporate tax is 30%...............N10 000
The undistributed profit carried forward is?

Accrual accounting differs from cash accounting because it recognizes?

A major factor that enhanced the early development of accounting is the?

Departmentalization of accounts is useful because it shows the?

X represents